Let's start by proving that the maximum independent set is of size at most $|V|/2$. Let $I$ be an independent set. For each vertex $v$, let $\alpha(v)$ be the number of its neighbors in $I$. If $\alpha(v) \geq 1$, then we know that $v \notin I$. Since the graph is cubic, $\sum_v \alpha(v) = 3|I|$. Since $\alpha(v) \leq 3$, the number of vertices such that $\alpha(v) \geq 1$ is at least $|I|$. Hence $|I| \leq |V|/2$.
When can we have equality? We must have $\alpha(v) \in \{0,3\}$, so for each vertex not in $I$, all its neighbors must be in $I$. The converse is also true - for each vertex in $I$, all its neighbors are not in $I$. In other words, the graph must be bipartite. This can be checked in polynomial time.